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CSPAN
Jan 13, 2013 2:45pm EST
debts. is it true that you left when we had a projected 10-year surplus of $5.6 trillion? >> i was director three years in a row when we had surpluses. we did not have deficits. >> i stand corrected. when president obama at the office, we were facing a $8 trillion dollar deficit. must have been frustrated during that -- frustrating during his eight years to watch what happened during the surplus is left at the end of the clinton administration. >> i don't exaggerate when i say it breaks my heart. you look at what drove the deficit up, some of it was beyond our control in terms of the economy. when there is a recession, there's a loss of revenue and there is certain spending in half. some of it was because of wars which you don't necessarily choose, but if you go to war, that's an extraordinary circumstance. some of it was because we just suspended the basic common sense of paying for what we did. we had tax cuts and spending increases that were not paid for and that is what created the long-term problem we're dealing with now. the other things correct themselves. the economy is rec
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